Modelling the wasted value of data in maintenance investments

Marttonen-Arola, Salla, Baglee, David, Yla-Kujala, Antti, Sinkkonen, Tiina and Kärri, Timo (2020) Modelling the wasted value of data in maintenance investments. Journal of Quality in Maintenance Engineering. ISSN 1355-2511

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Abstract

Purpose – Big data and related technologies are expected to drastically change the way industrial
maintenance in managed. However, at the moment many companies are collecting large amounts of data
without knowing how to systematically exploit it. It is therefore important to find new ways of evaluating
and quantifying the value of data. This paper addresses the value of data –based profitability of
maintenance investments.
Design/methodology/approach – An analytical Wasted Value of Data –model is presented to quantify
how the value of data can be increased through eliminating waste. The use of the model is demonstrated
with a case example of a maintenance investment appraisal of an automotive parts manufacturer.
Findings – The presented model contributes to the gap between the academic research and the solutions
implemented in practice in the area of value optimization. The big data hype has led organizations into
gathering data without systematic exploitation plans, but it is crucial to evaluate if the benefits of the
investment will exceed the additional costs.
Originality/value – The model is designed and developed on the principle of eliminating waste to
increase value, which has not been previously extensively discussed in the context of data management.

Item Type: Article
Divisions: Faculty of Technology > School of Engineering
Depositing User: Leah Maughan
Date Deposited: 09 Oct 2020 10:01
Last Modified: 11 Jan 2021 16:51
URI: http://sure.sunderland.ac.uk/id/eprint/12676
ORCID for David Baglee: ORCID iD orcid.org/0000-0002-7335-5609

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